A payment card that changes magnetic stripe via smartphone

Omne was founded in June 2012 and is led by Daniel Auten (CEO) and Jordan Goldman (President). Omne’s solution allows consumers to access their wallet from their smart phone, and execute an in-store payment by swiping their Universal Omne card on a standard credit card terminal. Omne uses a unique technology that allows the magnetic stripe on the back of the Omne card to change into any verified card loaded by the user onto the Omne Mobile Wallet App.

The Preset “Anytime” feature enables users to still utilize their Omne Card even if the phone runs out of battery. The user has to type in his private pin on the back of the card to activate a default payment option.

How Omne Works:

  • A user would load all of their cards into the Omne Smartphone App using the Card Reader provided by Omne.
  • When a user wants to make a payment, they simply select it on the smartphone app.
  • The Omne Card’s magnetic stripe instantly changes into the selected card making Omne a complete wallet replacement.

Devices Required:

The Omne Card: With a patent pending magnetic stripe emulator, Omne card allows consumers to consolidate all of their payment cards and other cards (rewards, memberships, keys etc.) into one single card and phone, usable on any credit card payment terminal.

The Omne Mobile app: A mobile wallet application that, when paired with the card, enables users to integrate mobile payments into their everyday lives. The Omne Mobile app (smart phone application) will include competitive features of a mobile wallet such as bill pay, budget management, fund transfer, and more.

Extra functionalities:

  • Customize the rewards.
  • Money transfer across phones.
  • Based on user’s location, the Omne App suggests discounts and offers in nearby stores according to user preferences.
  • Track user’s payment history across cards.

The Omne card can store preset cards in it to help the user utilize them without the phone too.

But the question of security arises if preset cards are stored on the Omne card. Omne has taken care of this my providing small buttons at the lower end of the card through which user can input a lock code and only then use the preset card. They can also set a default card that can be accessed from the Omne mobile application. As an added security feature, Omne temporarily holds card usage information so the user can see exactly when and where purchases are made. This information is transferred to user’s phone and the network, giving him the ability to detect fraud, and pinpoint fraudulent charges more effectively.

LTP View: Omne is working towards a realistic goal of creating a payment system that adopts today’s technology and is flexible enough to convert into an NFC kind of payment system when infrastructure is in place. This would enable Omne to make lesser investments and yet stay in focus in the fast evolving payment systems ecosystem.

The idea of adopting a customizable magnetic strip is very innovative and if they are successful in acquiring a patent for it, they can also use or lease this technology for other purposes, which would act as a further revenue generator.

 Also Read  6 Developments in the area of Beacons, New Adopters and Providers

Chiraag

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading & Blogging with focus on New Innovation, Technology & Startups in the Payments Space.
Twitter:@chiraagpatel21
  • http://TechnologyConsultant Hitesh Thakkar

    Omne is similar to Loop in functioning and it seems Special Card is common thing between COIN and Omne except that, COIN beeps if card holder is away beyond 100 meters or so and COIN does not depend on mobile for actual payments txn.

    One question comes up in mind that, NFC itself is trying hard to create case against iBeacon then how it will survive in new world??